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US Secretary of Commerce Howard Lutnick has confirmed that the Trump administration is planning to provide tariff relief for American automakers and auto parts, while tariffs rates may still apply to foreign-made vehicles.
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We're following breaking news. Commerce Secretary Howard Luttnik, confirming that tariff relief is coming to the auto sector. Luttnik saying that tariff relief will be available to all US built vehicles and cars that are finished in the US and will not be imposed to tariffs. Meanwhile, tariffs will apply to foreign car makers building cars in the US. The manufacturers will get a 15% offset for the value of those vehicles against parts imports, according to Secretary Luttnik. Tariff relief will be phased in over three years to allow automakers to produce supply chains in the US. This is the latest, as we're continuing to track some of the auto tariff exemptions that the industry had been looking for.
